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American College American College Certification HS330

HS330

Exam Code: HS330

Exam Name: Fundamentals of Estate Planning test

Updated Time: Apr 20, 2024

Q & A: 400 Questions and Answers

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About American College HS330 Exam Materials

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American College Fundamentals of Estate Planning test Sample Questions:

1. All the following statements concerning property ownership by a married couple residing in a community-property state are correct EXCEPT:

A) Property inherited during the marriage is the separate property of the spouse who inherited it.
B) Community property loses its identity when a community-property couple moves to a common-law state.
C) All property that is not separate property is community property.
D) Income earned by one spouse becomes community property.


2. All the following statements concerning guardians for minors are correct EXCEPT:

A) A special guardian can be appointed by the court to protect a minor's rights in a legal proceeding.
B) A guardian of the person of a minor may not necessarily be the guardian of the minor's property.
C) A guardian has equitable title to the property he administers for the minor.
D) A guardian named in a deceased parent's will is not necessarily binding on the court.


3. A father plans to create a trust for the benefit of his 22-year-old son and wishes to take advantage of the gift tax annual exclusion. He has named a bank as trustee. Which of the following trust
provisions would cause the gifts to be ineligible to qualify for the gift tax annual exclusion?
1.The trust income is to be paid to the son or accumulated at the discretion of the trustee.
2.The income is to be accumulated until the son reaches age 32 when all accumulated income and principal are to be distributed to him.

A) 2 only
B) Neither 1 nor 2
C) 1 only
D) Both 1 and 2


4. Which of the following transactions is a taxable gift for federal gift tax purposes?

A) A father made a deposit of $100,000 into a bank account titled jointly with his son, and the son has not yet made any withdrawals.
B) A grandmother purchased a U.S. savings bond that is registered as payable to her and her two grandchildren and the bond has not yet been surrendered for cash.
C) A man deeded real estate to his sister but did not record the deed nor did he deliver the deed to his sister.
D) A mother purchased listed common stocks titling them in joint names with her daughter and the stocks have not yet been sold.


5. All the following statements concerning real property ownership by married couples as joint tenants with right of survivorship are correct EXCEPT:

A) In common-law states the total value of the property receives a stepped-up tax basis in the estate of the first spouse to die.
B) All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse's estate.
C) The deceased spouse's interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.
D) Jointly held property between spouses does not pass through the probate estate of the first spouse to die.


Solutions:

Question # 1
Answer: B
Question # 2
Answer: C
Question # 3
Answer: D
Question # 4
Answer: D
Question # 5
Answer: A

819 Customer ReviewsCustomers Feedback (* Some similar or old comments have been hidden.)

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